This vital new Handbook is an authoritative volume presenting key issues in finance that have been widely discussed in the financial markets but have been neglected in textbooks and the usual compilations of conventional academic wisdom.

The paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run the NAIRU will be endogenous because of the social norm...

This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run, the NAIRU will be endogenous because of the social...

Orthodox economics blames rigid labor markets and, consequently, high wages for high and persistent unemployment in the euro-area. This is at odds with stylized facts. Unemployment has remained high despite the fact that wage shares have fallen substantially since 1980. Wages moderation has...

This paper analyzes the impact of distribution on accumulation, capacity utilization and employment for Turkey by estimating a post-Keynesian open economy model in a structural vector autoregression form. The need for empirical analysis of the relationship between distribution and growth is...

Germany has experienced a period of extreme nominal and real wage moderation since the mid-1990s. Contrary to the expectations of liberal economists, this has failed to improve Germany's mediocre economic performance. However, Germany is now running substantial current account surpluses. One...

Seit den frühen 1980er-Jahren ist es in praktisch allen OECD-Ländern zu einer Polarisierung der Einkommensverteilung gekommen. In diesem Artikel soll einerseits ein konzeptioneller Rahmen präsentiert werden, um verschiedene Kanäle, durch die die Polarisierung der Einkommensverteilung zur...

This article investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour...

This paper investigates the economic costs of Euro area rebalancing. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun’s Law equation. All estimations are carried out for a panel of eleven Euro area members (excluding Luxembourg). From...